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Mortgage Rates Thursday, May 4: Mostly Higher as Fed on Hold

Mortgage Rates, Mortgages
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Mortgage rates for 30-year fixed loans moved higher, 15-year fixed rates ticked down, and 5/1 ARMs rose slightly, according to a NerdWallet survey of current mortgage rates published by national lenders Thursday morning.

The Federal Reserve left short-term interest rates unchanged yesterday, as had been widely expected. While admitting that the U.S. economy stumbled a bit in the first quarter, the Fed said that the setback was likely “transitory” and that “economic activity will expand at a moderate pace.”

Some mortgage lenders took the Fed’s optimistic tone as a cue to reprice their rates higher today. The central bank will next meet in June and will once again discuss a possible interest rate hike.

Tomorrow’s U.S. employment report will be the next measure of the economy that could motivate some significant movement from mortgage rates.


MORTGAGE RATES TODAY, THURSDAY, MAY 4:

(Change from 5/3)
30-year fixed: 4.20% APR (+0.03)
15-year fixed: 3.54% APR (-0.01)
5/1 ARM: 3.83% APR (+0.02)


» MORE: How much home can you afford?

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.

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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.